China Securities Intelligent Financial News BIWIN Storage (688525) disclosed its third quarter report for 2024 on October 31. In the first three quarters, the company achieved operating income of 5.025 billion yuan, a year-on-year increase of 136.76%; The net profit attributable to the parent company was 228 million yuan, a year-on-year turnaround, the non-net profit was 225 million yuan, a year-on-year turnaround, the net cash flow from operating activities was 495 million yuan, compared with -1.829 billion yuan in the same period last year, and the basic earnings per share of BIWIN Storage was 0.51 yuan, and the weighted average return on equity was 9.83%.

Based on the closing price on October 30, BIWIN's current price-to-earnings ratio (TTM) is about 309.15 times, the price-to-book ratio (LF) is about 11.07 times, and the price-to-sales ratio (TTM) is about 4.18 times.

According to the data, the company is mainly engaged in the research and development, design, packaging and testing, production and sales of semiconductor memory, the main products are semiconductor memory, and the main service is advanced packaging and testing services, of which semiconductor memory is divided into embedded storage, PC storage, industrial vehicle specification storage, enterprise-level storage and mobile storage according to different application fields.

In terms of profitability, the company's weighted average return on equity in the first three quarters of 2024 was 9.83%, an increase of 31.79 percentage points year-on-year. The company's return on invested capital in the first three quarters of 2024 was 4.77%, an increase of 15.17 percentage points from the same period last year.

In the first three quarters of 2024, the company's net cash flow from operating activities was 495 million yuan, an increase of 2.324 billion yuan year-on-year, net cash flow from financing activities was 592 million yuan, a year-on-year decrease of 1.328 billion yuan, and net cash flow from investment activities was -751 million yuan, compared with -333 million yuan in the same period last year.

In terms of major changes in assets, as of the end of the third quarter of 2024, the company's inventory increased by 5.33% from the end of the previous year, accounting for 5.63 percentage points of the company's total assets, monetary funds increased by 112.59% from the end of the previous year, accounting for 4.37 percentage points of the company's total assets, notes receivable and accounts receivable decreased by 26.79% from the end of the previous year, accounting for 3.63 percentage points of the company's total assets, and other non-current assets increased by 1664.5% from the end of the previous year. The proportion of the company's total assets increased by 3.61 percentage points.

In terms of major changes in liabilities, as of the end of the third quarter of 2024, the company's short-term borrowings increased by 6.95% from the end of the previous year, accounting for 3.83 percentage points of the company's total assets, notes payable and accounts payable decreased by 17.47% from the end of the previous year, accounting for 3.27 percentage points of the company's total assets, long-term borrowings increased by 62.16% from the end of the previous year, accounting for 3.06 percentage points of the company's total assets, and contract liabilities increased by 176.33% from the end of the previous year. The proportion of the company's total assets increased by 0.39 percentage points.

For the first three quarters of 2024, the company has a current ratio of 1.31 and a quick ratio of 0.4.

According to the third quarterly report, among the top ten circulating shareholders of the company at the end of the third quarter of 2024, the new shareholders are Huaxin Investment Management Co., Ltd. - National Integrated Circuit Industry Investment Fund Phase II Co., Ltd., Guangdong Hongfu Galaxy Red Soil Venture Capital Fund Partnership (Limited Partnership), Huizhou Red Soil Investment Management Co., Ltd. - Zhuhai Red Soil Zhanlu Equity Investment Partnership (Limited Partnership), and CSI 500 Exchange-traded Open-ended Index Securities Investment Fund, replacing Wu Yisheng and CSSC Perception Haike at the end of the second quarter(Shandong) Industrial Fund Partnership (Limited Partnership), Guolianan CSI All-Index Semiconductor Products and Equipment Exchange-traded Open-ended Index Securities Investment Fund, Shenzhen Guoke Ruihua Phase III Equity Investment Fund Partnership (Limited Partnership). In terms of specific shareholding ratios, the holdings of ChinaAMC SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund and E Fund SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund have increased, while the holdings of Shanghai Beyond Moore Equity Investment Fund Partnership (Limited Partnership), China Internet Investment Fund (Limited Partnership), Zhou Zhengxian, and Guotong Zhaoxin (Ningbo) Venture Capital Partnership (Limited Partnership) have decreased.

Proofreading: Yang Peng

Indicator Annotation:

P/E ratio = total market capitalization / net profit. When the company loses money, the P/E ratio is negative, and it is not practical to use the P/E ratio for valuation, and the P/B ratio or P/B ratio is often used as a reference.

Price-to-book ratio = total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

Price-to-sales ratio = total market capitalization / operating income. The price-to-sales ratio method is often used for growing companies that are losing money or making small profits.

The price-to-earnings ratio and price-to-sales ratio in this article are calculated using the TTM method, that is, the data for the 12 months up to the latest financial report (including forecast). The price-to-book ratio is calculated using the LF method, that is, based on the latest financial report data. The quantile calculation range of the three is from the company's listing to the latest announcement date.

When the P/E ratio and price-to-book ratio are negative, the current quantile is not displayed, which will cause the line chart to be interrupted.